Explore BrainMass

Explore BrainMass

    Finding profit maximising output and price

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    The demand function for a product sold by an oligopolist operating in the short run is given below:

    QD = 370 - P

    The firm's marginal cost function is given below:

    MC = 10 + 4Q

    Calculate the profit-maximizing price and quantity, if the firm operates in the short run.

    © BrainMass Inc. brainmass.com March 4, 2021, 8:55 pm ad1c9bdddf

    Solution Preview

    Let Q be profit maximizing quantity and P be the corresponding price

    Demand at this ...

    Solution Summary

    Solution explains the steps in finding profit maximising output and price for oligopolist in short run.